401(K) CONTRIBUTIONS
How can the average taxpayer play the rich investor’s game of deferring income tax? “Many taxpayers fail to take advantage of ways to save money tax-free each year, including maxing out their 401(k)s,” says Stacy Caprio, stock specialist at Fiscal Nerd. “This is one way to put away a large chunk of income completely tax-free that will be available to use in retirement.” Another is by contributing to a traditional IRA or similar retirement vehicle.
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